CITIBANK TAP AND SAVE ACCOUNT

Just tap and save.

Up to 2% cash rebate.

Save Account

Citibank Tap and Save Account

  • Enjoy 2% cash rebate with every EZ-Link Reload top up
  • Enjoy competitive interest of up to 0.13%p.a.*
  • Enjoy 1% cash rebate on everything from coffee to shopping**
Benefits
Minimum Initial Deposit Required S$2,000
Eligibility Criteria Yes Aged 18 and above
Checking facilities Yes
  • Personalized checkbooks are automatically replenished1
  • Free cheque imaging printed on monthly statements for easy monitoring and tracking
Rebates Yes

TAP: 2% cash rebate with every EZ-Reload top-up. Cash rebates are automatically credited to your account

SPEND: 1% rebate on daily expenses

Interest Earning Yes SAVE: Higher interest on your savings of up to 0.13% p.a.*
Online Banking Yes Pay Anyone online cheque payment service, direct transfer of funds between accounts
Phone Banking Yes CitiPhone Banking and Automated Voice Response
International ATM card Yes Free international ATM card with access to over 1.4 million Visa PLUS ATMS globally
Earning Rebates

Earning cash rebates

2% cash rebate will be credited into your Tap and Save account with every EZ-Reload top-up of $30 into your Citibank SMRT Debit Card. This cash rebate can be used to buy more SMRT rides.

EZ-Reload by Card Facility
Top-up value upon activation of ez-link facility $30
Auto Debit Card Convenience Amount Nil as of 30 Oct 2015
2% Cash Rebate Earned $0.60 per top-up
Earning Interest

How Step-Up Interest works

You start with a base rate of 0.01% p.a.* This steps up to 0.13% p.a.* over a 12-month period as your balance increases in consecutive months. Simply bank your monthly salary into your Tap and Save Account for it to happen.

Interest is earned on 2 components:

Increase your minimum balance each month and you'll earn Step-Up Interest.

Maintaining your balance

In the event that your current month's minimum balance falls below the previous month, your step up counter will be reset to 9, 6, 0 depending on the minimum balance in your account.

Upon attaining the maximum of 0.13% p.a.* (after 12 counters of step up), maintain a minimum balance of S$20,000 OR ensure that your current month's minimum balance is greater than the previous month's minimum balance to continue to enjoy the superior interest of 0.13% p.a*.

Compare

How Citibank Tap and Save Account compares to an ordinary savings account

Let's assume you credit a salary of S$3,000 to your Citibank Step-Up Interest Account, spend S$1,200 and save the remaining S$1,800 in the account every month. Over a period of 24 months, you would have earned interest of S$56.74 - S$3.39 more than what an ordinary savings account has to offer!

*Computation is based on illustration assumption only.

FAQs

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Yes, you can apply for the account. However, your existing Citibanking Debit Card or ATM Card will be terminated upon the use of your new Citibank SMRT Debit Card at any ATM or Visa point of sale. Your Citibank Tap and Save Account will become your new primary account for ATM cash withdrawal, Visa purchases and EZ-Reload top-up transactions. You can still continue to maintain your existing deposit accounts with Citibank and access these accounts from your new Citibank SMRT Debit Card.

You will need to maintain a Total Relationship Balance (TRB) of minimum S$5,000, S$50,000, S$200,000 and S$1,000,000 average per month for Citibanking, Citi Priority, Citigold and Citigold Private Client customers respectively. Failing which, the account service fee of S$10, S$20, S$50 or S$100 will be imposed on this account, respective to the banking relationship.

'Total Relationship Balance' is the sum of:

  • The average daily balance of your checking, savings and deposit accounts,
  • The average daily value of your investments, and
  • All outstanding amount(s) payable on your secured loan accounts as of the date of your last statement.

Please note that if you choose to close the account within the first 6 months from account opening, a fee of S$50 will be applicable.

  • Base interest is the basic interest that you will earn, just like your normal savings account. With this account, we are giving you a base rate of 0.01% p.a.*
  • Step up interest is a unique component in addition to your base interest. This is innovatively designed to reward you more as you increase your savings with us.
  • Base interest for the month is computed by multiplying the monthly base rate to the average daily balance of the month.
  • Step up interest is computed by multiplying the monthly step up interest rate to the previous month's minimum balance.

This refers to the lowest balance that is in your account in the previous month.

If your minimum balance for the current month is less than that of the previous month, the table below will explain what your new step up counter is.

Existing Counter in Previous Month Minimum Balance of Current Month New Step-Up Counter in Current Month
0 to 5 S$0 and above 0
6 S$10,000 and above
S$5,000 to < S$10,000
S$0 to < S$5,000
6
6
0
7 S$10,000 and above
S$5,000 to < S$10,000
S$0 to < S$5,000
6
6
0
8 S$10,000 and above
S$5,000 to < S$10,000
S$0 to < S$5,000
6
6
0
9 S$10,000 and above
S$5,000 to < S$10,000
S$0 to < S$5,000
9
6
0
10 S$10,000 and above
S$5,000 to < S$10,000
S$0 to < S$5,000
9
6
0
11 S$10,000 and above
S$5,000 to < S$10,000
S$0 to < S$5,000
9
6
0
12 S$20,000 and above
S$10,000 to < S$20,000
S$5,000 to < S$10,000
S$0 to < S$5,000
12
9
6
0

Your step up interest increases every month so long as you satisfy the qualifying criteria. For example, for the first time that your current month's minimum balance is greater than your last month's minimum balance, your step up interest rate will be at 0.01% p.a.*. Next month, this step up interest rate will grow to 0.02% p.a.*. As long as you qualify for step up interest, this will increase up to the maximum interest rate (rate cap). The rate is capped once the addition of your base rate and step up interest rate hits 0.13% p.a.* (i.e. 0.01% p.a.* + 0.12% p.a.* = 0.13% p.a.*).

You will continue to enjoy the base interest rate of 0.01% p.a.* and step up interest rate of 0.12% p.a.* by:

  • Continuing to ensure that your current month's minimum balance is greater than last month's minimum balance; OR
  • Maintaining your balance above S$20,000.

Once you hit the maximum interest rate (rate cap), this gives you additional flexibility to continue enjoying the base interest rate of 0.01% p.a.* and Step-Up interest rate of 0.12% p.a.* without worrying about your current and last month's minimum balance.

The debit card and ATM cash withdrawal function on your new Citibank SMRT Debit Card can be used once you receive the Citibank SMRT Debit Card and the PIN.

You may use your Citibank SMRT ATM/Debit Card for public transit by topping-up a minimum value of S$10 to the ez-link stored value facility in your new Card at any EZ-Link top-up kiosk. Alternatively, if the registration for the EZ-Reload By Card Facility is successful and you have received an activation code, you may activate the EZ-Reload By Card Facility at any TransitLink Ticket Office.

With every new Citibank SMRT Debit Card issued to you, an application for the EZ-Reload By Card Facility will be submitted on your behalf, provided that there is a minimum available balance of S$30 maintained in your Citibank Tap and Save Account for each Citibank SMRT Debit cardholder.

Citibank will set aside the Revaluation Amount of $30 (the default value that will be added to the ez-link stored value facility of your card), together with a convenience fee of such sum which EZ-Link may stipulate from time to time, from the available balance in your account (i) upon the opening of your account up to the time you activate your EZ-Reload and (ii) when the stored value on the facility falls below S$20 (or such other amount which Citibank and/or ez-link may stipulate).

Whenever the stored value of your ez-link card reaches zero, it will automatically be topped up with $30. This amount will be charged to your Citibank SMRT Debit Card, earning you up to 2% cash rebate each time.

Upon successful EZ-Reload registration, you should receive an email notification (within 5 days) and a letter (within 2 to 3 weeks) containing a collection slip number (activation code).

With your Citibank SMRT Debit Card and collection slip number (either an email notification or letter with the activation code); please proceed to any TransitLink Ticket Office to activate the EZ-Reload Facility on your Card.

Yes. You may top-up your Citibank SMRT Debit Card at any SMRT General Ticket Machines (GTMs).

For your protection, we currently do not allow for Internet transactions.

An error message will be displayed on the card reader if more than one ez-link card is detected. Please ensure that you take out the intended card for travel and tap it on the card reader.

If your Citibank SMRT Debit Card is linked to the EZ-Reload By Card Facility, any remaining stored value in your previous Citibank SMRT Debit Card will be refunded back into the account within one (1) month.

Please contact our 24-hour CitiPhone Banking at 6225 5225 to report the loss of your Card immediately. Citibank will replace the card and also inform TransitLink to deactivate the ez-link function on your Card within 48 hours.

Yes, you will have to do so. Upon receipt of the replacement debit card, please repeat the process as detailed above.

Citibank only allows a fixed value of S$30 for the EZ-Reload By Card Facility.

It is valid for three (3) years. Once the card reaches its expiry date, Citibank will issue you a new card.

The reward structure does not require the customer to track his or her spending. There is no need to physically redeem points and most importantly, there are no limits on the amount of cash rebates to be earned. This is illustrated as follows:

Cash Rebates' Categories
EZ-Reload Top-Up 2.00%
ALL Other Participating VISA Merchants 1.00%
  • You will earn cash rebates based on the percentage computation as described above.
  • The cash rebates will be calculated for each transaction (based on posting date) at the end of the calendar month and this will be posted into your account in the following month.
  • There is no cap on the maximum amount of cash rebates that you can earn.

No. There are no caps on the cash rebates that can be earned on the Citibank SMRT Debit Card.

No. Cash rebates are only earned when point-of-sale purchases and EZ-Reload Revaluation Amounts (under the EZ-Reload By Card Facility) are charged to your Citibank SMRT Debit Card and debited from the Citibank Tap and Save Account. Cash rebates will be credited directly into your account in the following month.

No. If you close your Citibank Tap and Save Account before the end of a calendar month, all cash rebates for that calendar month will be forfeited.

No. Cash rebates are given only for Visa Debit point-of-sale transactions.

Your cash rebates are based on settlement date (date in which the merchant settles the transaction). The time difference between transaction date and settlement date varies but it should not be more than five (5) days. As a result of the time difference, some of your month-end transactions' cash rebates may be accorded to you in the following month instead.

Terms & Conditions:Terms & Conditions:

*All interest rates are subject to periodic review and may be revised at the bank's discretion. All rates are quoted on a per annum basis and are effective from 1 Aug 2011.

Base interest rate starts from 0.01% p.a., and is computed by taking the daily average balance at the end of the month. Your interest rate steps up each month, and up to a maximum of 0.13% p.a. over a 12-month period, if your minimum monthly balance is higher than the previous month's minimum balance. Step up interest is computed based on the preceding month's minimum balance. Both Base interest and step up interest are credited on the last day of the month (excluding Sunday and Public Holidays).Interest rates are subject to periodic reviews and may be reviewed at the bank's discretion.

The rates shown here are indicative only and quoted in % p.a. The rates are subject to change without prior notice and are not to be taken as an offer to contract. Citibank shall not be responsible for any loss or damage arising directly or indirectly from the use of or reliance of the information provided therein.

**Valid at merchants accepting Visa Debit Card payments. Cash rebates will be credited directly into your account at the following month.

1 First cheque book issued upon account opening is free. Thereafter, issuance of each subsequent cheque book is charged at S$15.  

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For more information, please refer to SDIC's website at www.sdic.org.sg.

Citibank full disclaimers, terms and conditions apply to individual products and banking.